IMF chief on 2023 economic outlook

During a speech in China on Sunday, the head of the International Monetary Fund called for greater vigilance over the global financial system, while also pointing to “green shoots” emerging in the world’s second-largest economy. “Risks to financial stability have increased,” said IMF Managing Director Kristalina Georgieva at the China Development Forum in Beijing. Georgieva praised policymakers for acting quickly in response to the banking crisis, citing major centr...[Read More]

ECG to start extensive disconnection exercise over GHc5bn debt

The Electricity Company of Ghana will begin a large-scale disconnection exercise on Monday, March 20, in order to generate revenue. Mr. Samuel Dubik Mahama Esq., Managing Director, stated that the company is owed more than GHS 5 billion from September 2022 to February 2023. The majority of this debt is held by SOEs and MDAs. This exercise stems from the numerous institutions that owe the energy company, This will be the fate of many other Ministries, Departments, and Agencies (MDAs) and State Ow...[Read More]

Ghana: Road contractors demand payment of GH5.9 billion

The Association of Road Contractors is demanding that the government pay its members’ GH5.9 billion debt immediately. According to the road contractors association, its members are struggling to repay bank loans used to complete projects as interest rates rise. The association said, the government owes its members money, which is affecting their businesses. According to the Association’s National Chairman, John Afful Jnr, the government only paid a small portion of the total debt. He...[Read More]

FDA defends ban on celebrities advertising alcohol

The Food and Drug Administration (FDA) has explained its prohibition on celebrities advertising alcoholic beverages in the nation. The FDA is currently facing a lawsuit from some celebrities who claim that the agency’s directive is denying them another source of income. But in a statement, the Head of the Tobacco and Substance Abuse Department of the FDA, Dr Olivia Boateng highlighted that their guidance forms part of measures to guarantee that kids are protected from being seduced into al...[Read More]

Ghanaians set to pay e-levy on all money transfers

As the GHC 100 per day threshold has been removed, any amount of money transferred electronically from one account to another will be subject to the now-reduced 1% Electronic Transactions Levy (E-Levy). Finance Minister Ken Ofori-Atta has announced that the government will reduce the controversial and burdensome Electronic Transactions Levy (E-Levy) from 1.5% to 1% and remove the GHC 100 transaction threshold. He revealed this on the floor of parliament while delivering the budget for 2023. Acco...[Read More]

Govt to stop hiring of public and civil servants from January 2023

The Minister of Finance, Ken Ofori-Atta, has announced that government employment will be frozen beginning next year. According to him, there will be a moratorium on civil and public service recruitment beginning in January 2023. This was stated by him during the ongoing budget presentation at Parliament House in Accra. “From January 2023, there will be a hiring freeze for civil and public servants.” A reduction in appointment spending, including salary freezes, as well as the suspen...[Read More]

Ofori-Atta should not be allowed to present the 2023 budget

Andy Kwame Appiah-Kubi, a spokesperson for Members of Parliament on the Majority Caucus who are demanding the dismissal of Finance Minister Ken Ofori-Atta, has stated that if Mr. Ofori-Atta is not fired, they will not participate in the 2023 Budget hearing and passage. Mr. Appiah-Kubi, Member of Parliament for Asante-Akim North, believes Ken Ofori-Atta is not as indispensable as he is portrayed to be. “Can’t others present the budget if he isn’t present?” Nobody is unavoi...[Read More]

Eight granted ₵100k bail over illegal money changing

An Accra Circuit Court granted GH100,000 bail with two sureties to eight people, including a lady, for unlawful money-changing operations. Ms Adelaide Abui Keddy, presided over by the Court, directed that the sureties be justified with any property worth GH100,000.00. She requested Mohammed Ali, Barikisu Yakubu, Shaibu Suleman Issah, Barry Ali, Bashiru Saadu, Saadu Hamidu, Muhamadu Shamshudeen, and Karim Yahaya to report to the police twice a month until the issue was resolved. They have pled no...[Read More]

Agric Ministry has begun sale of foodstuffs at low prices

Government employees can now purchase food directly from the Food and Agriculture Ministry, as the much-anticipated food market has finally opened. According to the Ministry, the move is intended to cushion Ghanaians and mitigate the impact of rising food prices. The first truckload from the farm gates arrived this morning, and they are already being prepared for potential customers. JoyNews’ Richard Kwadwo Nyarko reported from the scene that only plantain is currently for sale. He claims ...[Read More]

Bank of Ghana denies illegally transferring GH70 billion to the government

The Bank of Ghana has denied allegations made by Isaac Adongo, Member of Parliament for Bolgatanga Central, that it illegally gave the government over GH70 billion to finance maturing domestic debts. The Central Bank described the allegations as “false and unfounded,” adding that they are intended to “undermine the hard-won credibility of the Bank of Ghana and its Management.” Mr. Adongo claimed that the Central Bank’s action violated the Financial Management Act. I...[Read More]

Low cocoa prices constitute a violation of human rights

Siapha Kamara, Chief Executive Officer of SEND Ghana, claims that the low prices paid to cocoa farmers amount to human rights violations. According to Siapha Kamara, the condition of cocoa farmers is deteriorating, while market forces determine cocoa farmer prices. On Wednesday, he was speaking to journalists at a high-level “Conference on Living Income and Human Rights in Ghana’s Cocoa Sector.” According to the forum of civil society organisations in the cocoa sector, the six ...[Read More]

Thomas Ampem Nyarko laments over hike in fuel prices

Fuel price increases are affecting not only ordinary Ghanaians but also Members of Parliament. During Parliamentary proceedings on Friday, November 4, Majority Leader Osei Kyei-Mensah-Bonsu presented a business statement for next week. Following the business statement, Asuogyaman lawmaker Thomas Ampem Nyarko requested that the Business Committee, chaired by the Majority Leader, reduce the number of parliamentary sitting days from five to two per week. He also asked the House to consider increasi...[Read More]

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